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Bitcoin also won’t put gas in your car or provide medical care for your family. To be clear, I mean this literally. I realize people have made millions and billions speculating in Bitcoin. They can use that money to buy food, gas, and medical care, but the point is that Bitcoin doesn’t actually produce these items or anything else that we directly consume.

That may seem obvious, but this simple point is important to anyone interested in thinking about Bitcoin seriously. If our economy is facing supply constraints, as was the case at times in the recovery from the pandemic recession, Bitcoin will not help address the........

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